ICICI Bank education loan of Rs 1 crore - Find all details here

A facility from the ICICI Bank enables lakhs of pre-approved customers to get an instant sanction letter for education loans up to Rs 1 crore against their fixed deposits with the bank.

A facility from the ICICI Bank enables lakhs of pre-approved customers to get an instant sanction letter for education loans up to Rs 1 crore against their fixed deposits with the bank. Source: Reuters

If one is planning for higher studies and looking for education loan then ICICI Bank has a solution for you. This facility from the ICICI Bank enables lakhs of pre-approved customers to get an instant sanction letter for education loans up to Rs 1 crore against their fixed deposits with the bank. For further details, one can login to the official ICICI Bank website at icicibank.com.

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In one of its recent tweets, ICICI Bank said, "#ICICIBankInstaEduLoan is aimed at fulfilling your career aspirations! The facility enables lakhs of pre-approved customers to get an instant sanction letter for education loans up to Rs. 1 crore against their fixed deposits with the Bank."

#ICICIBankInstaEduLoan is aimed at fulfilling your career aspirations! The facility enables lakhs of pre-approved customers to get an instant sanction letter for education loans up to Rs. 1 crore against their fixed deposits with the Bank.

Learn more: https://t.co/iloQnquGX1 pic.twitter.com/e8z7DifL2u

— ICICI Bank (@ICICIBank) October 26, 2021

The Instant Education Loan is a pre-approved education loan offer for ICICI Bank customers without the hassle of any paper work.

Who can avail Insta Education Loan without collateral?

The ICICI Bank customers who have pre-approved offer with the bank and are applying for higher studies in universities abroad or in domestic universities can avail Insta Education Loan without collateral.

Key benefits

This facility from the ICICI Bank significantly improves customers’ convenience as they are no longer required to visit any branch multiple times to get their sanction letter. Now, they can generate the final sanction letter themselves with just few clicks through digital channels of the bank like Internet banking facility.

According to the ICICI Bank website, the key benefits of the loan are as follows:

1) Pre Approved Instant Sanction: The customers get access to instant sanction letter online from the comfort of their home for their Pre Approved Education Loan.

2) Loan Amount Without Collateral: Unsecured Loan amount Up to Rs 50 Lakhs

3) Tax benefits: Education loan comes with a tax benefit under SEC(80E) for complete interest paid (100%), without any upper limit. This benefit brings down the effective rate of interest.

4) Wide range of loan amount: Minimum loan amount is Rs. 1 lakh for both international and domestic education loans. Maximum loan amount is Rs. 1 crore for international and Rs. 50 lakh for domestic education loan.

5) Ease in applying: The customers can apply for education loan through internet banking facility of the Bank with just a few clicks.

6) Turnaround time: This instant facility brings down the time for Education Loan sanction from a few days to a few minutes

Benefits without collateral

Now, the benefits of Insta Education Loan without collateral are as follows:

1) Very Competitive Rate of Interest starting from 9.25 per cent. However, the interest rate is linked to the repo rate and for premier institutes and specific customer segment

2) Tax benefits: Education loan comes with a tax benefit for interest paid without any upper cap for 100 per cent of the amount.

3) Turnaround time: This instant facility will bring down the turnaround time for getting the sanction letter from around 15-45 days to merely some minutes with few clicks.

4) Seamless remittance to international institutes

5) GIC for Canada

6) BLOCK Account for Germany

How to check the offer?

One can check the offer for Insta Education Loan by following some simple steps. They are as follows:

Step 1: One has to log into Internet Banking

Step 2: One has to check the offers under the pre-qualified offers, select Education Loan and click on Instant Sanction

Step 3: Next, fill in the required details and customise the loan as per need

Step 4: Agree to the terms and click on Submit

Step 5: Enter the OTP to initiate the payment of the Processing Fee and click on Pay now

Step 6: The pre-approved loan will be sanctioned in a few minutes

For further details, one can login to the official ICICI Bank website at icicibank.com.